Market Action

November 3, 2022

TXPR closed at 555.07, down 0.63% on the day. Volume today was 1.28-million, near the median of the past 21 trading days.

CPD closed at 11.03, down 0.72% on the day. Volume was 70,360, below the median of the past 21 trading days.

ZPR closed at 9.22, down 0.86% on the day. Volume was 224,300, above the median of the past 21 trading days.

Five-year Canada yields were up to 3.62% today.

Even more spending from the Feds today:

Finance Minister Chrystia Freeland delivered a fall economic update Thursday that warns of a potential recession next year, and includes plans for a tax on share buybacks, significant incentives for green energy investment, and spending on students and low-income workers.

All Canada student and apprentice loans would be interest free, at a cost of $2.7-billion over five years, and another $4-billion over six years would be automatically issued in advance payments of the Canada Workers Benefit to people who had qualified the previous year.

The new measures specifically related to boosting business investment are worth $10.9-billion over six years. They include $250-million over five years for a package of new job training programs. There is also a new Investment Tax Credit for Clean Technologies that will offer a refundable tax credit equal to 30 per cent of the capital cost of investments in energy projects such as solar, wind and small nuclear reactors. The Finance Department is planning consultations to include labour conditions in order to access the full credit.

The proposed tax on share buybacks had not previously been signalled and is sure to generate significant policy debate, as it has south of the border.

The share buyback and energy incentives are aimed at responding to a major package of tax and climate policy reforms approved this year through the U.S. Inflation Reduction Act.

The U.S. act includes a 1-per-cent excise tax on stock buybacks, which refers to situations when companies use excess cash to purchase their own shares. U.S. Democrats said the tax will raise billions in new revenue while also encouraging companies to put excess cash toward investment and wages. The economic impact of the tax and buybacks in general is a matter of considerable policy debate.

Ms. Freeland’s update proposes a 2-per-cent tax that would apply on the net value of all types of share buybacks by public corporations in Canada. The government says details of the new tax will be announced in the 2023 budget and would come into force on Jan. 1, 2024.

Robert Asselin, senior vice-president of policy for the Business Council of Canada, said he was skeptical about Ms. Freeland’s vow of fiscal prudence.

“They are spending about 45 per cent of the revenue windfall they are getting for a very inflationary economy. For me, that is not fiscal prudence,” Mr. Asselin said in an interview, adding all of their windfall should have been directed at deficit reduction.

The student loan interest relief is modest:

Finance Minister Chrystia Freeland has announced plans to erase the interest on federal student and apprentice loans as part of the government’s fall fiscal update.

The move, made amid soaring living costs and the threat of a looming recession, would bring relief to many budget-strapped young Canadians who’ve been borrowing to finance their education. The measure, if implemented, would kick in on April 1, the day after a temporary freeze on the accrual of interest on federal student loans is set to expire.

It would make the loans interest free at that point and apply to those currently being repaid as well.

Half of all postsecondary students in Canada rely on student loans to help them pay for school, the federal government said in its fall update, released on Thursday. Eliminating the interest on the federal portion of government loans would save the average borrower $410 a year, it added.

The proposed change would cost taxpayers $2.7-billion over five years and $556.3-million a year thereafter, the government estimated.

The share buyback tax is more controversial:

Ottawa plans to introduce a 2-per-cent tax on share buybacks, in an effort to have corporations increase spending on workers – and potentially reap some of the financial windfall being enjoyed by the oil and gas sector.

The federal Liberals said Thursday that the change would also encourage companies to reinvest their profits in workers and in Canada more broadly. The new tax reflects a similar move in the United States, which imposed a 1-per-cent tax on stock buybacks in August as part of the Biden administration’s Inflation Reduction Act.

While details of the corporate tax will be announced in Budget 2023, it will apply to the net value of all types of share buybacks by public companies in Canada from Jan. 1, 2024, according to the government’s fall economic update. Ottawa estimates the measure will dump an extra $2.1-billion into federal coffers over a five-year period.

The use of stock buybacks in corporate Canada has exploded over the past few years.

Five years ago, the members of the S&P/TSX 60 Index – some of Canada’s biggest companies – spent nearly twice as much cash paying dividends to shareholders as they did repurchasing their shares. Now, stock buybacks outpace dividend payments.

The TSX 60 companies spent $67.1-billion in the past 12 months repurchasing their common shares, according to S&P Global Market Intelligence. That compares to $26.1-billion five years ago.

In contrast, dividend payments to shareholders have not grown nearly as much. The TSX 60 companies paid $59.4-billion in dividends in the past 12 months, according to S&P Global Market Intelligence. That compares to $45.8-billion five years ago.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.2429 % 2,368.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2429 % 4,541.8
Floater 8.45 % 8.60 % 48,962 10.72 2 -0.2429 % 2,617.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1961 % 3,287.5
SplitShare 5.17 % 7.55 % 37,528 2.86 8 0.1961 % 3,926.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1961 % 3,063.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.1202 % 2,601.6
Perpetual-Discount 6.55 % 6.67 % 76,100 12.99 34 -1.1202 % 2,836.9
FixedReset Disc 5.45 % 7.68 % 92,692 12.12 63 -1.1552 % 2,213.4
Insurance Straight 6.51 % 6.65 % 81,538 12.96 18 -1.5520 % 2,765.9
FloatingReset 9.06 % 9.47 % 40,890 9.93 2 0.6742 % 2,545.4
FixedReset Prem 0.00 % 0.00 % 0 0.00 1 -1.1552 % 2,342.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.1552 % 2,262.6
FixedReset Ins Non 5.49 % 7.73 % 50,659 11.94 14 -0.6867 % 2,287.2
Performance Highlights
Issue Index Change Notes
CM.PR.Q FixedReset Disc -8.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.24
Evaluated at bid price : 17.24
Bid-YTW : 8.16 %
TD.PF.D FixedReset Disc -6.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.76 %
NA.PR.W FixedReset Disc -5.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 7.97 %
CM.PR.O FixedReset Disc -5.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 8.03 %
PWF.PR.Z Perpetual-Discount -4.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.73 %
BAM.PF.H FixedReset Disc -4.61 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 6.93 %
TD.PF.A FixedReset Disc -4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 7.80 %
BAM.PR.M Perpetual-Discount -3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 6.75 %
CM.PR.P FixedReset Disc -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.77 %
CCS.PR.C Insurance Straight -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 6.48 %
RY.PR.M FixedReset Disc -3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 7.63 %
BMO.PR.W FixedReset Disc -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 7.68 %
CM.PR.T FixedReset Disc -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 22.61
Evaluated at bid price : 23.02
Bid-YTW : 7.20 %
TD.PF.K FixedReset Disc -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 7.21 %
CIU.PR.A Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.74 %
ELF.PR.H Perpetual-Discount -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.66 %
GWO.PR.T Insurance Straight -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 6.77 %
CU.PR.E Perpetual-Discount -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.34
Evaluated at bid price : 18.34
Bid-YTW : 6.70 %
BAM.PR.N Perpetual-Discount -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.70 %
GWO.PR.S Insurance Straight -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 6.78 %
GWO.PR.Q Insurance Straight -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 6.77 %
BMO.PR.Y FixedReset Disc -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.63 %
MIC.PR.A Perpetual-Discount -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 7.05 %
GWO.PR.Y Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 6.65 %
SLF.PR.E Insurance Straight -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.38 %
MFC.PR.C Insurance Straight -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.57
Evaluated at bid price : 17.57
Bid-YTW : 6.51 %
CU.PR.J Perpetual-Discount -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.71 %
GWO.PR.G Insurance Straight -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.64
Evaluated at bid price : 19.64
Bid-YTW : 6.72 %
CU.PR.H Perpetual-Discount -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.68 %
IAF.PR.I FixedReset Ins Non -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 7.47 %
RY.PR.J FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.73 %
MFC.PR.B Insurance Straight -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.57 %
BAM.PF.C Perpetual-Discount -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.77 %
GWO.PR.H Insurance Straight -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 6.70 %
GWO.PR.R Insurance Straight -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 6.71 %
TD.PF.C FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.70 %
POW.PR.D Perpetual-Discount -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.98
Evaluated at bid price : 18.98
Bid-YTW : 6.67 %
BIP.PR.E FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 7.68 %
PWF.PR.P FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 12.15
Evaluated at bid price : 12.15
Bid-YTW : 8.93 %
BAM.PF.E FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 15.41
Evaluated at bid price : 15.41
Bid-YTW : 9.07 %
MFC.PR.F FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 12.51
Evaluated at bid price : 12.51
Bid-YTW : 8.51 %
GWO.PR.N FixedReset Ins Non -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 12.22
Evaluated at bid price : 12.22
Bid-YTW : 8.30 %
BMO.PR.E FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 6.99 %
PWF.PR.F Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.70 %
GWO.PR.I Insurance Straight -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.58 %
IFC.PR.C FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.81 %
BAM.PF.D Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.76 %
CU.PR.G Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.09
Evaluated at bid price : 17.09
Bid-YTW : 6.60 %
IFC.PR.G FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.73 %
PWF.PR.H Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 21.32
Evaluated at bid price : 21.59
Bid-YTW : 6.70 %
SLF.PR.H FixedReset Ins Non -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 14.58
Evaluated at bid price : 14.58
Bid-YTW : 8.47 %
BAM.PF.B FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.64 %
BMO.PR.S FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.51 %
FTS.PR.G FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 7.91 %
GWO.PR.M Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 22.06
Evaluated at bid price : 22.35
Bid-YTW : 6.57 %
TD.PF.B FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 7.72 %
BMO.PR.T FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.78 %
TRP.PR.C FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 12.26
Evaluated at bid price : 12.26
Bid-YTW : 8.75 %
TRP.PR.F FloatingReset 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 16.01
Evaluated at bid price : 16.01
Bid-YTW : 9.47 %
BMO.PR.F FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 23.12
Evaluated at bid price : 23.54
Bid-YTW : 7.21 %
CU.PR.F Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.44 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.K FixedReset Disc 64,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 7.21 %
NA.PR.C 24,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-15
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : -2.70 %
BAM.PR.Z FixedReset Disc 23,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 7.68 %
TD.PF.A FixedReset Disc 22,952 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 7.80 %
BMO.PR.Y FixedReset Disc 22,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.63 %
GWO.PR.T Insurance Straight 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 6.77 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.H Perpetual-Discount Quote: 19.70 – 22.10
Spot Rate : 2.4000
Average : 1.5537

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.68 %

BMO.PR.W FixedReset Disc Quote: 17.70 – 19.35
Spot Rate : 1.6500
Average : 0.9695

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 7.68 %

CM.PR.Q FixedReset Disc Quote: 17.24 – 19.25
Spot Rate : 2.0100
Average : 1.4136

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 17.24
Evaluated at bid price : 17.24
Bid-YTW : 8.16 %

MIC.PR.A Perpetual-Discount Quote: 19.45 – 21.00
Spot Rate : 1.5500
Average : 0.9952

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 7.05 %

TD.PF.D FixedReset Disc Quote: 18.40 – 19.85
Spot Rate : 1.4500
Average : 0.9986

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-03
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.76 %

BAM.PF.H FixedReset Disc Quote: 23.80 – 24.80
Spot Rate : 1.0000
Average : 0.5547

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 6.93 %

Market Action

November 2, 2022

TXPR closed at 558.61, down 0.61% on the day. Volume today was 1.74-million, fourth-highest of the past 21 trading days.

CPD closed at 11.105, down 0.76% on the day. Volume was 53,510, second-lowest of the past 21 trading days.

ZPR closed at 9.30, down 0.54% on the day. Volume was 198,970, above the median of the past 21 trading days.

Five-year Canada yields were up to 3.52% today.

The Fed bumped the policy rate 75bp to 3.75%:

Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.

Russia’s war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Esther L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.

Mohamed El-Erian comments:

As widely expected, the Federal Reserve hiked interest rates by 75 basis points.

As to what’s next: I suspect the entire focus will be on interpreting the additional language in the statement (in red).


… and the NYT commented:

While Mr. Powell said during a new conference that “at some point” it would be appropriate to slow the pace of increases, he also suggested that interest rates would peak at a higher level than the 4.6 percent that the Fed predicted in September.

He also noted that rates would “have to go higher and stay higher for a while” — a development that could make achieving a so-called “soft landing” harder.

Here’s what else to know:

The Fed acknowledged that more rate increases were coming, but also signaled that it was aware that its tightening was adding up.

Stocks rallied immediately after the Fed’s announcement, rebounding from losses earlier in the day, while government bond yields fell. But as Mr. Powell began answering questions from reporters, stocks fell sharply after he suggested that interest rates could peak at a level higher than what policymakers previously projected and noted that it would be “very premature” to consider a pause in rate increases. Bond yields became more mixed, with traders seemingly unsure what to make of Mr. Powell’s comments.

Mr. Powell also made clear that the bigger risk to the economy was in not acting to tame inflation, noting that if the Fed over-corrects, it has the tools to walk that back. The bigger economic risk is “if we don’t get inflation under control because we don’t tighten enough.”

And Macklem spoke to the Senate:

Inflation remains far too high, Mr. Macklem told the Senate committee on banking, commerce and the economy. At the same time, the Canadian economy is expected to “stall” in the coming quarters, he said. This puts the central bank in a precarious spot.

“If we don’t do enough, Canadians will continue to endure the hardship of high inflation. And they will come to expect persistently high inflation, which will require much higher interest rates and, potentially, a severe recession to control inflation,” Mr. Macklem told the Senate committee. He was there to explain the bank’s latest interest rate hike, announced last week.

“If we do too much, we could slow the economy more than needed. And we know that has harmful consequences for people’s ability to service their debts, for their jobs and for their businesses.”

PerpetualDiscounts now yield 6.56%, equivalent to 8.53% interest at the standard equivalency factor of 1.3x. Long corporates have posted an awesome recovery recently to yield 5.49%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has gaped wider to 305bp from the 260bp reported October 26.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.3657 % 2,373.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3657 % 4,552.9
Floater 8.43 % 8.55 % 37,096 10.78 2 0.3657 % 2,623.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.2316 % 3,281.1
SplitShare 5.12 % 7.70 % 41,024 2.99 7 0.2316 % 3,918.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2316 % 3,057.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.4933 % 2,631.1
Perpetual-Discount 6.47 % 6.56 % 74,670 13.13 33 -0.4933 % 2,869.0
FixedReset Disc 5.38 % 7.52 % 94,409 12.29 63 -0.5287 % 2,239.3
Insurance Straight 6.40 % 6.50 % 81,649 13.15 19 -0.2196 % 2,809.5
FloatingReset 9.13 % 9.59 % 41,346 9.83 2 -0.7962 % 2,528.3
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.5287 % 2,370.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.5287 % 2,289.0
FixedReset Ins Non 5.46 % 7.63 % 51,061 12.04 14 0.0741 % 2,303.0
Performance Highlights
Issue Index Change Notes
BMO.PR.F FixedReset Disc -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 22.82
Evaluated at bid price : 23.23
Bid-YTW : 7.30 %
CU.PR.F Perpetual-Discount -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 6.53 %
RY.PR.H FixedReset Disc -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.52 %
BMO.PR.T FixedReset Disc -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 7.70 %
TD.PF.B FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.64 %
TD.PF.C FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.58 %
BMO.PR.S FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 7.43 %
BAM.PF.A FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.14 %
BAM.PF.I FixedReset Disc -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 21.97
Evaluated at bid price : 22.45
Bid-YTW : 7.56 %
BAM.PR.R FixedReset Disc -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 9.09 %
CM.PR.Q FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.54 %
TRP.PR.B FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 9.27 %
IFC.PR.E Insurance Straight -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.50 %
BAM.PF.F FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 16.78
Evaluated at bid price : 16.78
Bid-YTW : 9.05 %
RY.PR.Z FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.49 %
NA.PR.G FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 7.34 %
NA.PR.W FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.52 %
RY.PR.M FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.38 %
BAM.PF.G FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 15.77
Evaluated at bid price : 15.77
Bid-YTW : 9.12 %
BMO.PR.W FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 7.43 %
BAM.PF.E FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 15.66
Evaluated at bid price : 15.66
Bid-YTW : 8.93 %
TD.PF.A FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.49 %
MFC.PR.M FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 8.30 %
PVS.PR.H SplitShare -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 8.31 %
FTS.PR.J Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.47 %
PWF.PR.O Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 6.65 %
CU.PR.G Perpetual-Discount -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 6.51 %
RY.PR.S FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.94 %
CU.PR.J Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.08
Evaluated at bid price : 18.08
Bid-YTW : 6.58 %
MFC.PR.B Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.45 %
FTS.PR.M FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.25 %
CU.PR.E Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.54 %
BMO.PR.Y FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.47 %
TD.PF.I FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 23.02
Evaluated at bid price : 24.61
Bid-YTW : 6.55 %
BAM.PF.J FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 22.77
Evaluated at bid price : 24.00
Bid-YTW : 6.84 %
SLF.PR.E Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.25 %
CM.PR.S FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.96 %
SLF.PR.C Insurance Straight -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 6.33 %
BIP.PR.F FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 7.66 %
PWF.PR.T FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.89 %
PVS.PR.I SplitShare 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 7.34 %
PWF.PR.P FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 8.80 %
FTS.PR.G FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 7.82 %
CM.PR.T FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 23.32
Evaluated at bid price : 23.75
Bid-YTW : 6.98 %
IFC.PR.C FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 7.71 %
PVS.PR.J SplitShare 1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 21.80
Bid-YTW : 7.56 %
PVS.PR.K SplitShare 1.45 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.05
Bid-YTW : 7.74 %
BAM.PF.B FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 8.54 %
MFC.PR.F FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 8.39 %
BIP.PR.A FixedReset Disc 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 9.38 %
CCS.PR.C Insurance Straight 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.25 %
FTS.PR.K FixedReset Disc 3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.97 %
CM.PR.P FixedReset Disc 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.47 %
PWF.PR.Z Perpetual-Discount 5.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.41 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.J FixedReset Disc 159,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 7.60 %
TRP.PR.D FixedReset Disc 95,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.87 %
FTS.PR.G FixedReset Disc 80,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 7.82 %
FTS.PR.K FixedReset Disc 44,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.97 %
BMO.PR.S FixedReset Disc 33,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 7.43 %
TRP.PR.E FixedReset Disc 32,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 15.61
Evaluated at bid price : 15.61
Bid-YTW : 8.89 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Ins Non Quote: 16.55 – 22.30
Spot Rate : 5.7500
Average : 3.8730

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 8.28 %

CCS.PR.C Insurance Straight Quote: 20.30 – 21.70
Spot Rate : 1.4000
Average : 0.9761

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.25 %

PVS.PR.I SplitShare Quote: 23.50 – 24.50
Spot Rate : 1.0000
Average : 0.6843

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 7.34 %

BIP.PR.B FixedReset Disc Quote: 23.20 – 23.99
Spot Rate : 0.7900
Average : 0.5640

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 22.54
Evaluated at bid price : 23.20
Bid-YTW : 8.05 %

NA.PR.S FixedReset Disc Quote: 18.33 – 18.88
Spot Rate : 0.5500
Average : 0.3422

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 7.77 %

CU.PR.H Perpetual-Discount Quote: 20.06 – 20.88
Spot Rate : 0.8200
Average : 0.6258

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-02
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 6.56 %

Market Action

November 1, 2022

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0406 % 2,365.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0406 % 4,536.3
Floater 8.46 % 8.61 % 37,288 10.72 2 0.0406 % 2,614.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1438 % 3,273.5
SplitShare 5.13 % 7.75 % 39,590 3.00 7 -0.1438 % 3,909.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1438 % 3,050.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1718 % 2,644.1
Perpetual-Discount 6.44 % 6.56 % 72,751 13.11 33 0.1718 % 2,883.3
FixedReset Disc 5.35 % 7.40 % 95,181 12.40 63 0.1452 % 2,251.2
Insurance Straight 6.39 % 6.49 % 80,178 13.16 19 0.3263 % 2,815.7
FloatingReset 9.05 % 9.53 % 43,083 9.88 2 1.0296 % 2,548.6
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.1452 % 2,382.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1452 % 2,301.2
FixedReset Ins Non 5.46 % 7.66 % 53,152 11.97 14 -0.5850 % 2,301.3
Performance Highlights
Issue Index Change Notes
CM.PR.P FixedReset Disc -3.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.76 %
BNS.PR.I FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.97 %
CCS.PR.C Insurance Straight -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 6.48 %
TRP.PR.G FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 8.58 %
BMO.PR.Y FixedReset Disc -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.40 %
TD.PF.M FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 23.13
Evaluated at bid price : 23.51
Bid-YTW : 7.27 %
MIC.PR.A Perpetual-Discount -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.92 %
SLF.PR.H FixedReset Ins Non -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 8.40 %
PWF.PR.T FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 7.97 %
RY.PR.J FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 7.53 %
BAM.PF.D Perpetual-Discount -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.66 %
MFC.PR.N FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 8.26 %
PVS.PR.H SplitShare -1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 7.94 %
BMO.PR.E FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 21.61
Evaluated at bid price : 22.00
Bid-YTW : 6.88 %
TD.PF.E FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.17 %
NA.PR.G FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 7.22 %
MFC.PR.K FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.81 %
BIP.PR.F FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.74 %
GWO.PR.T Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.62 %
IFC.PR.G FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.66 %
CM.PR.Y FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 23.64
Evaluated at bid price : 24.00
Bid-YTW : 7.15 %
CU.PR.H Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.54 %
RY.PR.H FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.34 %
MFC.PR.Q FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.58 %
TRP.PR.A FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 8.86 %
NA.PR.S FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.70 %
SLF.PR.E Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.44
Evaluated at bid price : 18.44
Bid-YTW : 6.19 %
POW.PR.D Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.55 %
PWF.PR.O Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 6.56 %
SLF.PR.G FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 8.43 %
FTS.PR.M FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 8.15 %
GWO.PR.R Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.55 %
BIP.PR.E FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.55 %
SLF.PR.J FloatingReset 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 8.92 %
PWF.PR.P FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 8.88 %
MFC.PR.B Insurance Straight 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.37 %
NA.PR.W FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.40 %
IFC.PR.E Insurance Straight 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 6.38 %
TD.PF.K FixedReset Disc 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.99 %
PWF.PR.Z Perpetual-Discount 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.74 %
TRP.PR.B FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 9.12 %
CU.PR.G Perpetual-Discount 2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 6.44 %
TD.PF.D FixedReset Disc 4.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 7.26 %
BAM.PF.G FixedReset Disc 6.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 16.02
Evaluated at bid price : 16.02
Bid-YTW : 8.98 %
RY.PR.M FixedReset Disc 28.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.27 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.C FixedReset Disc 69,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 12.04
Evaluated at bid price : 12.04
Bid-YTW : 8.88 %
IFC.PR.K Perpetual-Discount 59,870 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.41 %
PWF.PR.E Perpetual-Discount 58,644 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.59 %
GWO.PR.G Insurance Straight 58,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.60 %
GWO.PR.S Insurance Straight 56,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.61 %
GWO.PR.R Insurance Straight 50,838 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.55 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.J FloatingReset Quote: 15.50 – 25.00
Spot Rate : 9.5000
Average : 5.0596

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 8.92 %

PWF.PR.P FixedReset Disc Quote: 12.20 – 13.77
Spot Rate : 1.5700
Average : 0.8882

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 8.88 %

PVS.PR.K SplitShare Quote: 20.75 – 22.40
Spot Rate : 1.6500
Average : 1.0118

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 8.00 %

TRP.PR.B FixedReset Disc Quote: 11.40 – 12.88
Spot Rate : 1.4800
Average : 0.8568

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 9.12 %

PVS.PR.H SplitShare Quote: 22.30 – 23.80
Spot Rate : 1.5000
Average : 0.8821

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 7.94 %

CM.PR.Q FixedReset Disc Quote: 19.10 – 19.95
Spot Rate : 0.8500
Average : 0.5620

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-01
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.41 %

Issue Comments

CCS.PR.C Upgraded to Pfd-2 by DBRS

DBRS has announced that it:

upgraded the ratings of Co-operators Financial Services Limited (CFSL or the Company), including its Issuer Rating, to BBB (high) from BBB. The ratings of Co-operators General Insurance Company (CGIC) were also upgraded, including its Financial Strength Rating, to “A” from A (low). Lastly, a Financial Strength Rating was assigned to Co-operators Life Insurance Company at “A.” The trends are all Stable.

KEY RATING CONSIDERATIONS
The ratings upgrades reflect the Company’s strong and consistent growth and improved underwriting profitability. While the Company’s strong 2021 performance was supported by extraordinarily favourable Canadian auto insurance results that benefitted from the pandemic, DBRS Morningstar views CFSL as well positioned to maintain adequate underwriting profitability going forward, which will allow it to fund its strategic initiatives.

The ratings and Stable trend reflect the Company’s prudent liquidity, leverage, and capital positions. Moreover, the franchise benefits from a diversified product offering, although its core property and casualty (P&C) business is by far the largest contributor to earnings. CFSL has been able to expand into new product lines, relying on its distribution strengths. The ratings also consider that the life insurance and wealth management businesses would benefit from additional scale to improve profitability.

RATING DRIVERS
Given the recent upgrades, further positive ratings movement is unlikely in the near term. Over the longer term, a significant improvement in profitability that includes a greater contribution from CFSL’s life insurance and asset management businesses would result in a ratings upgrade.

Conversely, a sustained deterioration in underwriting and overall profitability combined with lower capital levels would result in a ratings downgrade.

RATING RATIONALE
CFSL is one of Canada’s leading P&C insurers with a growing presence in life insurance, wealth, and asset management services. It has a resilient business model with solid brand recognition and access to multiple distribution channels, including proprietary agency and brokerage networks as well as a unique partnership with Canadian credit unions. CFSL is ranked fourth in the Canadian P&C insurance market and 14th in the life insurance market according to MSA Research 2021 direct written premium data. The Company continues to dedicate significant resources to strengthening its customer relationships through digitalization, client engagement, and advertising.

CFSL is exposed to a diversified portfolio of insurance risks, with individual P&C insurance being its largest exposure. Its investment portfolio is mainly composed of high-quality fixed-income assets but also includes sizable allocations to equities, preferred shares, and mortgages. CFSL has a comprehensive risk management and stress testing framework that it uses to set adequate risk limits consistent with its risk appetite. CFSL’s insurance operating subsidiaries maintain prudent reinsurance coverage, which mitigates large losses caused by catastrophic claims events.

CFSL has consistently grown revenues over the past five years, and earnings have benefitted. For 2021, the Company reported record earnings of $477 million and a return on average shareholders’ equity of 13.1%, reflecting strong financial markets and favourable P&C claims experience. In 2022, financial market volatility and rising interest rates have affected profitability with net income decreasing to $86 million for H1 2022 from $476 million in H1 2021. Going forward, the Company is expected to maintain adequate underwriting profitability and is also likely to be affected by any further financial market volatility.

CFSL has a healthy liquidity position with a large buffer of highly liquid assets in excess of its liquidity requirements. It has a $98 million undrawn credit facility and has surplus capital held at the holding company level, which is invested in liquid assets and is sufficient to cover the principal of its senior debentures.

CFSL maintains adequate capital buffers in its insurance subsidiaries with the minimal capital test ratio of its P&C subsidiary at 219% and the life insurance capital adequacy test ratio of its life subsidiary at 152% at Q2 2022; both are well above regulatory targets of 150% and 100%, respectively. These capital ratios have declined since YE2021 because of rising interest rates and equity market declines in the first half of the year. CFSL’s consolidated financial leverage ratio (including preferred shares of CGIC) was 12.3% as at Q2 2022, which is conservative. The Company’s earnings are sufficient to easily cover interest payments on its debt.

The affected issue is CCS.PR.C.

Market Action

October 31, 2022

How about that US inflation, eh?:

Friday’s report from the Commerce Department showed that prices rose 6.2 per cent in September from 12 months earlier, the same year-over-year rate as in August.

Excluding volatile food and energy costs, so-called core prices rose 5.1 per cent last month from a year earlier. That’s faster than the 4.9 per cent annual increase in August, though below a four-decade high of 5.4 per cent reached in February.

Higher pay is helping maintain spending for many workers. Wages and benefits rose 5 per cent in the July-September quarter from a year ago. That was a healthy gain, just below a two-decade high of 5.1 per cent reached in the April-June quarter.

Still, there are signs that pay growth is cooling a bit. On a quarterly basis, it rose 1.2 per cent from the April-June quarter to the July-September period. Yet that marked a second straight quarterly slowdown after compensation growth had reached a 20-year high of 1.4 per cent in the first three months of 2022.

Americans, on average, built up their savings during the pandemic, a time when many people stayed home, postponed travel and vacations and dined out less. Economists estimate that that extra savings totalled about $2.4-trillion last year, mostly among higher-income Americans. But it is being spent down and now stands at about $1.5-trillion.

Friday’s report also showed that consumers spent more last month, even after adjusting for inflation, a sign of Americans’ willingness to keep spending in the face of high prices. Consumer spending increased 0.6 per cent from August to September, or 0.3 per cent after accounting for price increases.

|
Europe’s worse:

Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this month. This represents the highest ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months. But the increases have been accentuated by Russia’s invasion of Ukraine in late February.

This proved to be the case once again, with energy costs expected to have had the highest annual rise in October, at 41.9% from 40.7% in September. Food, alcohol and tobacco prices also climbed in the same period, jumping 13.1% from 11.8% in the previous month.

Monday’s data comes after individual countries reported flash estimates last week. In Italy, headline inflation came in above analysts’ expectations at 12.8% year on year. Germany also said inflation jumped to 11.6% and in France the number reached 7.1%. The different values reflect measures taken by national governments, as well as the level of dependency that their nations have, or had, on Russian hydrocarbons.

There are, however, euro nations where inflation rose by more than 20%. This includes Estonia, Latvia and Lithuania.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.6863 % 2,364.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6863 % 4,534.4
Floater 8.47 % 8.58 % 50,612 10.75 2 -0.6863 % 2,613.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2308 % 3,278.2
SplitShare 5.13 % 7.71 % 39,451 3.00 7 -0.2308 % 3,914.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2308 % 3,054.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0030 % 2,639.6
Perpetual-Discount 6.45 % 6.57 % 71,993 13.10 33 0.0030 % 2,878.3
FixedReset Disc 5.36 % 7.36 % 95,998 12.39 63 -1.0301 % 2,248.0
Insurance Straight 6.41 % 6.52 % 81,165 13.15 19 -0.3388 % 2,806.6
FloatingReset 9.15 % 9.59 % 43,692 9.84 2 0.3552 % 2,522.6
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -1.0301 % 2,379.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.0301 % 2,297.9
FixedReset Ins Non 5.43 % 7.57 % 53,588 11.97 14 -0.1715 % 2,314.8
Performance Highlights
Issue Index Change Notes
RY.PR.M FixedReset Disc -23.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 14.68
Evaluated at bid price : 14.68
Bid-YTW : 9.15 %
BAM.PF.G FixedReset Disc -7.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 9.55 %
TD.PF.K FixedReset Disc -4.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 7.15 %
BIP.PR.B FixedReset Disc -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 22.54
Evaluated at bid price : 23.20
Bid-YTW : 8.05 %
RY.PR.S FixedReset Disc -2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.82 %
CU.PR.G Perpetual-Discount -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 6.64 %
CM.PR.O FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 7.61 %
BIP.PR.E FixedReset Disc -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 7.66 %
BIP.PR.F FixedReset Disc -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 7.64 %
BAM.PR.T FixedReset Disc -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 8.69 %
CM.PR.S FixedReset Disc -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 6.87 %
CM.PR.T FixedReset Disc -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 22.97
Evaluated at bid price : 23.40
Bid-YTW : 7.08 %
IFC.PR.E Insurance Straight -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.51 %
PWF.PR.T FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 7.81 %
NA.PR.W FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.51 %
RY.PR.H FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.26 %
BMO.PR.T FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.50 %
SLF.PR.H FixedReset Ins Non -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 8.24 %
IFC.PR.K Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 6.44 %
BAM.PR.K Floater -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 8.65 %
TD.PF.J FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.86
Evaluated at bid price : 22.35
Bid-YTW : 6.88 %
NA.PR.S FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 7.62 %
GWO.PR.R Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 6.63 %
TRP.PR.D FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.86 %
IFC.PR.F Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.46 %
IFC.PR.C FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.81 %
PWF.PR.O Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.76
Evaluated at bid price : 22.01
Bid-YTW : 6.63 %
GWO.PR.Y Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.54 %
BAM.PR.Z FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 7.60 %
POW.PR.D Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.62 %
MFC.PR.B Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.47 %
SLF.PR.G FixedReset Ins Non -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 12.67
Evaluated at bid price : 12.67
Bid-YTW : 8.51 %
BMO.PR.F FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 23.50
Evaluated at bid price : 23.90
Bid-YTW : 7.10 %
TRP.PR.A FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 8.77 %
RY.PR.Z FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.33 %
BAM.PF.C Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.61 %
BAM.PF.I FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 22.37
Evaluated at bid price : 23.10
Bid-YTW : 7.34 %
FTS.PR.G FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 7.92 %
TRP.PR.C FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 12.02
Evaluated at bid price : 12.02
Bid-YTW : 8.89 %
MFC.PR.K FixedReset Ins Non 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.70 %
BIP.PR.A FixedReset Disc 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 9.65 %
CCS.PR.C Insurance Straight 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.34 %
MIC.PR.A Perpetual-Discount 2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 6.78 %
CU.PR.F Perpetual-Discount 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.38 %
NA.PR.G FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 7.10 %
BMO.PR.W FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 7.33 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.J FixedReset Disc 38,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 7.39 %
TD.PF.E FixedReset Disc 36,284 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 7.06 %
CM.PR.Q FixedReset Disc 28,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.36 %
RY.PR.M FixedReset Disc 18,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 14.68
Evaluated at bid price : 14.68
Bid-YTW : 9.15 %
NA.PR.C FixedReset Disc 17,250 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-15
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : -0.92 %
CM.PR.S FixedReset Disc 12,353 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 6.87 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 14.68 – 19.55
Spot Rate : 4.8700
Average : 2.8629

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 14.68
Evaluated at bid price : 14.68
Bid-YTW : 9.15 %

RY.PR.N Perpetual-Discount Quote: 20.10 – 23.10
Spot Rate : 3.0000
Average : 2.3889

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.11 %

PWF.PR.K Perpetual-Discount Quote: 18.78 – 20.30
Spot Rate : 1.5200
Average : 1.1397

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.64 %

MFC.PR.M FixedReset Ins Non Quote: 17.06 – 22.00
Spot Rate : 4.9400
Average : 4.5974

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 8.20 %

GWO.PR.M Insurance Straight Quote: 22.65 – 23.85
Spot Rate : 1.2000
Average : 0.8810

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 6.48 %

IFC.PR.E Insurance Straight Quote: 20.25 – 21.23
Spot Rate : 0.9800
Average : 0.6958

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-31
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.51 %

Market Action

October 28, 2022

Sorry it’s late!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.7612 % 2,380.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7612 % 4,565.8
Floater 8.41 % 8.51 % 39,261 10.83 2 -0.7612 % 2,631.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.7035 % 3,285.8
SplitShare 5.11 % 7.62 % 41,127 3.01 7 0.7035 % 3,923.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.7035 % 3,061.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.4240 % 2,639.5
Perpetual-Discount 6.45 % 6.55 % 71,906 13.13 33 -0.4240 % 2,878.2
FixedReset Disc 5.27 % 7.34 % 95,796 12.43 63 -0.0930 % 2,271.4
Insurance Straight 6.39 % 6.49 % 81,376 13.19 19 0.0705 % 2,816.1
FloatingReset 9.23 % 9.65 % 43,249 9.79 2 -1.2121 % 2,513.7
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.0930 % 2,403.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0930 % 2,321.8
FixedReset Ins Non 5.42 % 7.48 % 54,443 12.06 14 0.2621 % 2,318.8
Performance Highlights
Issue Index Change Notes
PWF.PR.Z Perpetual-Discount -7.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.89 %
BMO.PR.W FixedReset Disc -5.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.65 %
TD.PF.D FixedReset Disc -5.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.54 %
NA.PR.G FixedReset Disc -4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.34 %
CU.PR.F Perpetual-Discount -3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 6.56 %
BIP.PR.A FixedReset Disc -3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 9.82 %
RY.PR.Z FixedReset Disc -3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 7.40 %
BMO.PR.F FixedReset Disc -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 23.55
Evaluated at bid price : 23.95
Bid-YTW : 7.18 %
TD.PF.E FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 7.05 %
RY.PR.J FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 19.43
Evaluated at bid price : 19.43
Bid-YTW : 7.32 %
TRP.PR.F FloatingReset -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 15.77
Evaluated at bid price : 15.77
Bid-YTW : 9.65 %
PWF.PR.S Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.64 %
BAM.PR.B Floater -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 12.32
Evaluated at bid price : 12.32
Bid-YTW : 8.60 %
PWF.PF.A Perpetual-Discount -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.61 %
BMO.PR.S FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.26 %
BIP.PR.E FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 7.44 %
MFC.PR.J FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.30 %
CU.PR.G Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 6.45 %
CM.PR.Q FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 19.39
Evaluated at bid price : 19.39
Bid-YTW : 7.28 %
GWO.PR.L Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.26
Evaluated at bid price : 21.53
Bid-YTW : 6.64 %
BAM.PR.Z FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.53
Evaluated at bid price : 21.53
Bid-YTW : 7.51 %
BAM.PF.J FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 23.18
Evaluated at bid price : 24.26
Bid-YTW : 6.75 %
IFC.PR.C FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 7.71 %
MFC.PR.N FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 8.12 %
TRP.PR.A FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 14.38
Evaluated at bid price : 14.38
Bid-YTW : 8.85 %
FTS.PR.G FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 8.01 %
TRP.PR.D FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 8.74 %
SLF.PR.H FixedReset Ins Non 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 8.10 %
PVS.PR.J SplitShare 2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 21.55
Bid-YTW : 7.80 %
BAM.PF.G FixedReset Disc 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 16.13
Evaluated at bid price : 16.13
Bid-YTW : 8.90 %
PVS.PR.K SplitShare 2.45 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 7.85 %
RY.PR.S FixedReset Disc 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 6.60 %
BAM.PF.D Perpetual-Discount 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.54 %
TD.PF.K FixedReset Disc 4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.61
Evaluated at bid price : 22.00
Bid-YTW : 6.80 %
TRP.PR.E FixedReset Disc 9.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 8.89 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PR.T FixedReset Disc 58,480 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 7.65 %
CM.PR.O FixedReset Disc 58,055 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.39 %
MFC.PR.N FixedReset Ins Non 30,905 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 8.12 %
NA.PR.S FixedReset Disc 24,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 7.51 %
BMO.PR.S FixedReset Disc 24,550 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.26 %
RY.PR.J FixedReset Disc 23,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 19.43
Evaluated at bid price : 19.43
Bid-YTW : 7.32 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.N Perpetual-Discount Quote: 20.00 – 23.10
Spot Rate : 3.1000
Average : 1.7189

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.14 %

MFC.PR.N FixedReset Ins Non Quote: 16.85 – 22.30
Spot Rate : 5.4500
Average : 4.5183

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 8.12 %

MFC.PR.M FixedReset Ins Non Quote: 17.07 – 22.00
Spot Rate : 4.9300
Average : 4.2217

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 17.07
Evaluated at bid price : 17.07
Bid-YTW : 8.17 %

RY.PR.Z FixedReset Disc Quote: 18.48 – 19.50
Spot Rate : 1.0200
Average : 0.6366

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 7.40 %

NA.PR.G FixedReset Disc Quote: 21.00 – 22.01
Spot Rate : 1.0100
Average : 0.7064

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.34 %

TRP.PR.F FloatingReset Quote: 15.77 – 16.59
Spot Rate : 0.8200
Average : 0.5396

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-28
Maturity Price : 15.77
Evaluated at bid price : 15.77
Bid-YTW : 9.65 %

Market Action

October 27, 2022

TXPR closed at 565.05, down 0.66% on the day. Volume today was 1.34-million, near the median of the past 21 trading days.

CPD closed at 11.23, down 0.09% on the day. Volume was 119,260, fifth-highest of the past 21 trading days.

ZPR closed at 9.38, down 0.95% on the day. Volume was 121,730, below the median of the past 21 trading days.

Five-year Canada yields were down substantially to 3.34% today. I guess the recession starts tomorrow!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3593 % 2,398.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3593 % 4,600.8
Floater 8.34 % 8.46 % 52,940 10.88 2 -0.3593 % 2,651.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.5749 % 3,262.8
SplitShare 5.15 % 7.68 % 40,144 3.01 7 0.5749 % 3,896.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5749 % 3,040.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2992 % 2,650.7
Perpetual-Discount 6.42 % 6.53 % 72,862 13.19 33 0.2992 % 2,890.5
FixedReset Disc 5.26 % 7.24 % 96,158 12.43 63 -0.4247 % 2,273.5
Insurance Straight 6.39 % 6.49 % 81,578 13.18 19 -0.0759 % 2,814.1
FloatingReset 9.11 % 9.47 % 41,532 9.94 2 0.6098 % 2,544.5
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.4247 % 2,406.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4247 % 2,323.9
FixedReset Ins Non 5.43 % 7.55 % 54,667 12.13 14 -0.2410 % 2,312.8
Performance Highlights
Issue Index Change Notes
BAM.PF.G FixedReset Disc -4.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 9.10 %
TD.PF.K FixedReset Disc -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.14 %
CM.PR.P FixedReset Disc -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 7.47 %
BMO.PR.Y FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.24 %
TD.PF.L FixedReset Disc -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 23.20
Evaluated at bid price : 23.63
Bid-YTW : 6.98 %
BAM.PF.F FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 8.78 %
NA.PR.E FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 7.21 %
BAM.PR.R FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 8.83 %
IFC.PR.C FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.79 %
GWO.PR.P Insurance Straight -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.71 %
GWO.PR.S Insurance Straight -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 6.63 %
PWF.PR.G Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 22.14
Evaluated at bid price : 22.42
Bid-YTW : 6.61 %
BMO.PR.E FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 21.94
Evaluated at bid price : 22.50
Bid-YTW : 6.81 %
IFC.PR.E Insurance Straight -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.43 %
TD.PF.B FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 7.38 %
NA.PR.S FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.50 %
BAM.PR.X FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.99 %
BAM.PF.H FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 5.58 %
MFC.PR.F FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 8.49 %
MFC.PR.M FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 8.18 %
MFC.PR.Q FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.37 %
BAM.PF.B FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 17.36
Evaluated at bid price : 17.36
Bid-YTW : 8.59 %
POW.PR.C Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 22.45
Evaluated at bid price : 22.71
Bid-YTW : 6.44 %
PWF.PR.S Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.53 %
CCS.PR.C Insurance Straight -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.50 %
TD.PF.D FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.14 %
TD.PF.I FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 23.80
Evaluated at bid price : 24.90
Bid-YTW : 6.47 %
PVS.PR.F SplitShare 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.26
Bid-YTW : 6.87 %
MFC.PR.C Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.34 %
CU.PR.G Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.37 %
PVS.PR.I SplitShare 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.40
Bid-YTW : 7.45 %
CU.PR.F Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 6.32 %
GWO.PR.Y Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 17.64
Evaluated at bid price : 17.64
Bid-YTW : 6.46 %
MFC.PR.B Insurance Straight 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.38 %
BNS.PR.I FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 21.35
Evaluated at bid price : 21.65
Bid-YTW : 6.73 %
PWF.PR.L Perpetual-Discount 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.60 %
SLF.PR.H FixedReset Ins Non 3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 8.24 %
PWF.PR.Z Perpetual-Discount 7.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.24
Evaluated at bid price : 20.24
Bid-YTW : 6.41 %
BAM.PF.I FixedReset Disc 7.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 22.07
Evaluated at bid price : 22.60
Bid-YTW : 7.49 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.I FixedReset Ins Non 34,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 21.98
Evaluated at bid price : 22.50
Bid-YTW : 6.98 %
TD.PF.I FixedReset Disc 29,305 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 23.80
Evaluated at bid price : 24.90
Bid-YTW : 6.47 %
PVS.PR.K SplitShare 20,720 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 8.30 %
TRP.PR.D FixedReset Disc 19,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 15.92
Evaluated at bid price : 15.92
Bid-YTW : 8.89 %
CM.PR.S FixedReset Disc 17,698 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 21.70
Evaluated at bid price : 22.10
Bid-YTW : 6.66 %
TD.PF.B FixedReset Disc 15,976 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 7.38 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Ins Non Quote: 16.59 – 22.30
Spot Rate : 5.7100
Average : 3.4968

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 16.59
Evaluated at bid price : 16.59
Bid-YTW : 8.24 %

TRP.PR.E FixedReset Disc Quote: 14.20 – 19.49
Spot Rate : 5.2900
Average : 3.4219

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 9.71 %

MFC.PR.M FixedReset Ins Non Quote: 17.05 – 22.00
Spot Rate : 4.9500
Average : 3.4450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 8.18 %

CU.PR.H Perpetual-Discount Quote: 20.50 – 22.10
Spot Rate : 1.6000
Average : 0.9847

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.53 %

RY.PR.S FixedReset Disc Quote: 21.00 – 22.80
Spot Rate : 1.8000
Average : 1.2941

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.85 %

GWO.PR.M Insurance Straight Quote: 22.60 – 23.85
Spot Rate : 1.2500
Average : 0.7846

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-27
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 6.49 %

Market Action

October 26, 2022

TXPR closed at 568.79, up 1.46% on the day. Volume today was 1.97-million, third-highest of the past 21 trading days.

CPD closed at 11.24, up 0.54% on the day. Volume was 113,590, well above the median of the past 21 trading days.

ZPR closed at 9.47, up 0.85% on the day. Volume was 184,620, above the median of the past 21 trading days.

Five-year Canada yields were down precipituously to 3.44% today in the wake of the BoC rate decision.

PerpetualDiscounts now yield 6.51%, equivalent to 8.46% interest at the standard equivalency factor of 1.3x. Long corporates have been hammered in the past week to yield 5.84%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 260bp from the 300bp reported October 19.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1992 % 2,407.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1992 % 4,617.4
Floater 7.61 % 7.71 % 52,574 11.67 2 -0.1992 % 2,661.0
OpRet 0.00 % 0.00 % 0 0.00 0 -1.1737 % 3,244.2
SplitShare 5.18 % 7.91 % 39,619 3.01 7 -1.1737 % 3,874.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.1737 % 3,022.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 1.3093 % 2,642.8
Perpetual-Discount 6.44 % 6.51 % 72,273 13.19 33 1.3093 % 2,881.9
FixedReset Disc 5.24 % 7.21 % 95,240 12.45 63 -0.0763 % 2,283.2
Insurance Straight 6.39 % 6.49 % 82,049 13.18 19 1.5242 % 2,816.3
FloatingReset 9.17 % 9.50 % 40,302 9.92 2 0.1929 % 2,529.1
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.0763 % 2,416.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0763 % 2,333.9
FixedReset Ins Non 5.42 % 7.58 % 53,982 12.06 14 0.0490 % 2,318.3
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -8.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 9.71 %
BAM.PF.I FixedReset Disc -8.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 8.06 %
PVS.PR.K SplitShare -2.86 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 8.29 %
PVS.PR.I SplitShare -2.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.10
Bid-YTW : 7.92 %
SLF.PR.H FixedReset Ins Non -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 8.48 %
PVS.PR.H SplitShare -2.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 7.67 %
PWF.PR.L Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 6.76 %
RY.PR.S FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.85 %
TRP.PR.D FixedReset Disc -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 16.08
Evaluated at bid price : 16.08
Bid-YTW : 8.80 %
PVS.PR.J SplitShare -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 8.46 %
MFC.PR.K FixedReset Ins Non -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.81 %
BAM.PF.B FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 8.49 %
TD.PF.D FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.21 %
BNS.PR.I FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 6.86 %
GWO.PR.T Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.52 %
BMO.PR.Y FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.07 %
CCS.PR.C Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.43 %
BMO.PR.F FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 24.66
Bid-YTW : 6.64 %
IFC.PR.A FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 7.37 %
POW.PR.A Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.64 %
IFC.PR.C FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 7.66 %
POW.PR.C Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 22.68
Evaluated at bid price : 22.97
Bid-YTW : 6.36 %
ELF.PR.H Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.46 %
BMO.PR.E FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 22.36
Evaluated at bid price : 22.83
Bid-YTW : 6.72 %
BIP.PR.A FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 9.48 %
TD.PF.M FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 6.94 %
PWF.PR.H Perpetual-Discount 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.84
Evaluated at bid price : 22.08
Bid-YTW : 6.54 %
CU.PR.H Perpetual-Discount 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.58 %
FTS.PR.F Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.37 %
IFC.PR.F Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.36 %
PWF.PR.G Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 22.50
Evaluated at bid price : 22.76
Bid-YTW : 6.51 %
BIP.PR.E FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.62
Evaluated at bid price : 22.00
Bid-YTW : 7.34 %
GWO.PR.G Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 6.60 %
MFC.PR.M FixedReset Ins Non 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 8.09 %
POW.PR.B Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.58 %
FTS.PR.K FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 8.26 %
PWF.PR.E Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.58 %
MFC.PR.B Insurance Straight 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.49 %
GWO.PR.Q Insurance Straight 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.56 %
SLF.PR.C Insurance Straight 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 6.34 %
TD.PF.B FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.27 %
POW.PR.D Perpetual-Discount 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.44 %
SLF.PR.D Insurance Straight 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 6.33 %
SLF.PR.E Insurance Straight 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.23
Evaluated at bid price : 18.23
Bid-YTW : 6.25 %
POW.PR.G Perpetual-Discount 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.53 %
GWO.PR.L Insurance Straight 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.62 %
PWF.PR.S Perpetual-Discount 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.46 %
RY.PR.O Perpetual-Discount 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.23 %
PWF.PR.K Perpetual-Discount 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.51 %
CU.PR.F Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.41 %
RY.PR.N Perpetual-Discount 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.22 %
CU.PR.G Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 6.45 %
GWO.PR.I Insurance Straight 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.44 %
PWF.PF.A Perpetual-Discount 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.47 %
MFC.PR.C Insurance Straight 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.42 %
GWO.PR.R Insurance Straight 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 6.50 %
GWO.PR.S Insurance Straight 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.52 %
CU.PR.J Perpetual-Discount 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.53 %
IFC.PR.E Insurance Straight 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.33 %
BAM.PR.N Perpetual-Discount 2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.51 %
CU.PR.E Perpetual-Discount 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.45 %
FTS.PR.M FixedReset Disc 2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 8.18 %
MIC.PR.A Perpetual-Discount 3.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.99 %
Volume Highlights
Issue Index Shares
Traded
Notes
CU.PR.J Perpetual-Discount 64,195 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.53 %
GWO.PR.Y Insurance Straight 63,839 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 17.39
Evaluated at bid price : 17.39
Bid-YTW : 6.56 %
NA.PR.S FixedReset Disc 34,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 7.40 %
PWF.PR.G Perpetual-Discount 28,720 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 22.50
Evaluated at bid price : 22.76
Bid-YTW : 6.51 %
GWO.PR.R Insurance Straight 27,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 6.50 %
TD.PF.K FixedReset Disc 24,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.54
Evaluated at bid price : 21.90
Bid-YTW : 6.83 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.E FixedReset Disc Quote: 14.20 – 16.30
Spot Rate : 2.1000
Average : 1.3737

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 9.71 %

BIP.PR.F FixedReset Disc Quote: 21.25 – 22.94
Spot Rate : 1.6900
Average : 0.9741

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 7.45 %

BMO.PR.W FixedReset Disc Quote: 19.10 – 21.90
Spot Rate : 2.8000
Average : 2.1094

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.21 %

IFC.PR.K Perpetual-Discount Quote: 21.20 – 23.45
Spot Rate : 2.2500
Average : 1.6291

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.27 %

BAM.PF.I FixedReset Disc Quote: 21.00 – 22.70
Spot Rate : 1.7000
Average : 1.1469

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 8.06 %

TRP.PR.A FixedReset Disc Quote: 14.25 – 15.40
Spot Rate : 1.1500
Average : 0.6435

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-26
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 8.92 %

Canada Prime

BOC Hikes 50bp to 3.75%; Prime Follows

The Bank of Canada has announced it has:

increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. This reflects the strength of the global recovery from the pandemic, a series of global supply disruptions, and elevated commodity prices, particularly for energy, which have been pushed up by Russia’s attack on Ukraine. The strength of the US dollar is adding to inflationary pressures in many countries. Tighter monetary policies aimed at controlling inflation are weighing on economic activity around the world. As economies slow and supply disruptions ease, global inflation is expected to come down.

In the United States, labour markets remain very tight even as restrictive financial conditions are slowing economic activity. The Bank projects no growth in the US economy through most of next year. In the euro area, the economy is forecast to contract in the quarters ahead, largely due to acute energy shortages. China’s economy appears to have picked up after the recent round of pandemic lockdowns, although ongoing challenges related to its property market will continue to weigh on growth. Overall, the Bank projects that global growth will slow from 3% in 2022 to about 1½% in 2023, and then pick back up to roughly 2½% in 2024. This is a slower pace of growth than was projected in the Bank’s July Monetary Policy Report (MPR).

In Canada, the economy continues to operate in excess demand and labour markets remain tight. The demand for goods and services is still running ahead of the economy’s ability to supply them, putting upward pressure on domestic inflation. Businesses continue to report widespread labour shortages and, with the full reopening of the economy, strong demand has led to a sharp rise in the price of services.

The effects of recent policy rate increases by the Bank are becoming evident in interest-sensitive areas of the economy: housing activity has retreated sharply, and spending by households and businesses is softening. Also, the slowdown in international demand is beginning to weigh on exports. Economic growth is expected to stall through the end of this year and the first half of next year as the effects of higher interest rates spread through the economy. The Bank projects GDP growth will slow from 3¼% this year to just under 1% next year and 2% in 2024.

In the last three months, CPI inflation has declined from 8.1% to 6.9%, primarily due to a fall in gasoline prices. However, price pressures remain broadly based, with two-thirds of CPI components increasing more than 5% over the past year. The Bank’s preferred measures of core inflation are not yet showing meaningful evidence that underlying price pressures are easing. Near-term inflation expectations remain high, increasing the risk that elevated inflation becomes entrenched.

The Bank expects CPI inflation to ease as higher interest rates help rebalance demand and supply, price pressures from global supply disruptions fade, and the past effects of higher commodity prices dissipate. CPI inflation is projected to move down to about 3% by the end of 2023, and then return to the 2% target by the end of 2024.

Given elevated inflation and inflation expectations, as well as ongoing demand pressures in the economy, the Governing Council expects that the policy interest rate will need to rise further. Future rate increases will be influenced by our assessments of how tighter monetary policy is working to slow demand, how supply challenges are resolving, and how inflation and inflation expectations are responding. Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to restore price stability for Canadians and will continue to take action as required to achieve the 2% inflation target.

Prime followed:

Well, Rob Carrick and Ryan Siever will be mad:

There’s a case to be made for banks giving borrowers a break when what is expected to be the biggest interest rate hike in 22 years is announced on Wednesday.

A brief flashback to 2015 is required to get the sense of this story. The economy back then was in the opposite shape of what it is now – weak enough to prompt the Bank of Canada to cut its trendsetting overnight rate by 0.25 of a percentage point in January and again in July.

The big banks hijacked part of that rate cut. While the overnight rate fell by a total 0.5 of a point, the banks cut their prime rate by cumulative 0.3 of a point. They held back the rest of the rate cut to build their revenues and profit.

There was a delay in reducing the prime when the Canada Overnight rate dropped 25bp to 0.75% in January 2015 and again when Canada Overnight dropped a further 25bp to 0.50% in July of that year.

Market Action

October 25, 2022

TXPR closed at 560.61, down 0.59% on the day. Volume today was 1.33-million, near the median of the past 21 trading days.

CPD closed at 11.175, down 0.22% on the day. Volume was 104,790, above the median of the past 21 trading days.

ZPR closed at 9.39, unchanged on the day. Volume was 98,540, fourth-lowest of the past 21 trading days.

Five-year Canada yields were down to 3.69% today.

Tomorrow is the BoC rate decision. Place yer bets, gents, place yer bets!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 1.4141 % 2,412.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.4141 % 4,626.6
Floater 7.60 % 7.68 % 52,246 11.71 2 1.4141 % 2,666.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.8848 % 3,282.7
SplitShare 5.12 % 7.69 % 39,732 3.02 7 -0.8848 % 3,920.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.8848 % 3,058.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1340 % 2,608.7
Perpetual-Discount 6.53 % 6.62 % 72,422 13.06 33 0.1340 % 2,844.6
FixedReset Disc 5.24 % 7.50 % 91,839 12.16 63 0.1805 % 2,284.9
Insurance Straight 6.49 % 6.59 % 81,193 13.06 19 0.5311 % 2,774.0
FloatingReset 9.24 % 9.55 % 40,713 9.89 2 0.7124 % 2,524.3
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.1805 % 2,418.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1805 % 2,335.6
FixedReset Ins Non 5.42 % 7.91 % 54,572 11.78 14 0.3075 % 2,317.2
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 9.26 %
PVS.PR.J SplitShare -1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 21.21
Bid-YTW : 8.13 %
BAM.PR.N Perpetual-Discount -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.69 %
BAM.PF.A FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 8.29 %
PVS.PR.F SplitShare -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 7.69 %
BIP.PR.E FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 21.41
Evaluated at bid price : 21.70
Bid-YTW : 7.79 %
PVS.PR.H SplitShare -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 7.08 %
PVS.PR.G SplitShare -1.06 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 7.58 %
CM.PR.O FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.73 %
BMO.PR.S FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.50 %
RY.PR.J FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.48 %
CCS.PR.C Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.50 %
IFC.PR.C FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 8.04 %
TRP.PR.F FloatingReset 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 9.55 %
SLF.PR.H FixedReset Ins Non 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 8.61 %
CM.PR.Y FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 6.63 %
GWO.PR.P Insurance Straight 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.66 %
PWF.PR.T FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 8.04 %
ELF.PR.H Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.53 %
PWF.PR.L Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.63 %
MIC.PR.A Perpetual-Discount 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.27 %
BMO.PR.E FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 21.97
Evaluated at bid price : 22.55
Bid-YTW : 7.11 %
BAM.PR.K Floater 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.74 %
BMO.PR.F FixedReset Disc 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 24.05
Evaluated at bid price : 24.40
Bid-YTW : 7.32 %
BIP.PR.B FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 7.26 %
IFC.PR.E Insurance Straight 2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.49 %
TD.PF.E FixedReset Disc 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 7.24 %
BAM.PF.I FixedReset Disc 3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 22.28
Evaluated at bid price : 22.95
Bid-YTW : 7.59 %
BAM.PF.G FixedReset Disc 5.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 9.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
FTS.PR.K FixedReset Disc 66,418 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 8.80 %
SLF.PR.D Insurance Straight 56,663 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.44 %
PWF.PR.Z Perpetual-Discount 43,408 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.89 %
CM.PR.S FixedReset Disc 30,455 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 21.73
Evaluated at bid price : 22.15
Bid-YTW : 6.98 %
PVS.PR.K SplitShare 25,414 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 7.75 %
PWF.PR.P FixedReset Disc 23,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 11.86
Evaluated at bid price : 11.86
Bid-YTW : 9.51 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.M FixedReset Ins Non Quote: 17.00 – 22.00
Spot Rate : 5.0000
Average : 3.5547

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 8.57 %

MFC.PR.F FixedReset Ins Non Quote: 12.67 – 17.00
Spot Rate : 4.3300
Average : 3.4467

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 12.67
Evaluated at bid price : 12.67
Bid-YTW : 8.78 %

GWO.PR.G Insurance Straight Quote: 19.70 – 20.80
Spot Rate : 1.1000
Average : 0.6974

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.69 %

PWF.PR.H Perpetual-Discount Quote: 21.80 – 22.75
Spot Rate : 0.9500
Average : 0.6945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 6.63 %

PWF.PR.Z Perpetual-Discount Quote: 18.81 – 20.45
Spot Rate : 1.6400
Average : 1.4327

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.89 %

TRP.PR.D FixedReset Disc Quote: 16.34 – 17.00
Spot Rate : 0.6600
Average : 0.4681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-10-25
Maturity Price : 16.34
Evaluated at bid price : 16.34
Bid-YTW : 9.06 %